Because the projects contain few units, all floorplans to date contain a minimum of two bedrooms, which allows the company to obtain prices that provide ample return. "If we do a larger project, we might include some smaller units," he says.

He also credits Studio Dwell's Peters with utilizing "maximum interior space. There is virtually no wasted space in the cutting edge designs," he says. "There are no long doorway-lined halls and there are masterful interior configurations." In keeping with the contemporary designs, Ranquist uses high-end minimalist finishes and appliances.

Two "sister buildings" on corner lots at 2154 and 2157 W. Division St. in Wicker Park, currently under construction, are representative of the Ranquist multifamily portfolio. The buildings feature floor-to-ceiling windows, punctuated by slender stained cedar walls.

Each contains six units. The ones at 2157 are two-bedroom layouts of approximately 1,500 sf, each with an expansive deck and all including a garage. Karen Ranquist says prices range from $560,000 to $600,000. All units in the sister building are three-bedroom, single-story plans of approximately 1,750 sf. These are priced between $610,000 and $770,000. Six of the 12 units are pre-sold.

She concedes, "when we first started these projects, designs like these, using flagstone and black metal panels, for example, were unheard of in these neighborhoods. But, our initial projects proved that there is healthy market of architecturally oriented customers who are looking for these clean, contemporary looks, which can't be accomplished in typical high-rise construction."